Property and equipment, net consisted of the following:

 

 

 

As of December 31,

 

 

 

2025

 

 

2024

 

Laboratory equipment

 

$

9,670

 

 

$

9,514

 

Furniture and fixtures

 

 

245

 

 

 

312

 

Leasehold improvements

 

 

2,213

 

 

 

2,329

 

Office equipment

 

 

549

 

 

 

482

 

Construction in progress

 

 

615

 

 

 

120

 

 

 

13,292

 

 

 

12,757

 

Less accumulated depreciation

 

 

(10,146

)

 

 

(8,848

)

 

 

$

3,146

 

 

$

3,909

 

Historical Timeline

Fiscal YearFiled
2025Mar 16, 2026Showing above
2024Mar 18, 2025
2023Mar 25, 2024
2022Mar 6, 2023
2021Mar 10, 2022
2020Mar 9, 2021
2019Mar 23, 2020

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.